Alveo aims to launch P40-B worth of projects this yr

ALVEO Land Corp., the high-end property unit of Ayala Land Inc. (ALI), is targeting to launch 16 new projects—14 residential and two office towers—with a combined value of P40 billion this year, a company official said on Wednesday.

The new projects represent over 5,000 residential and office units as the company continues its expansion program amid sustained demand.

“Demand will continue to be there, higher than last year. We’re also looking at growth in the provincial areas,” Alveo Land President Jennylle S. Tupaz said during a press briefing.

She said the company is targeting P45 billion in sales this year from P38 billion in 2016.

“We’ll sustain our projects in the key locations. We’re looking at that in the longer term. We should have the inventory to support that growth, at the same time expand our footprint in the rest of the country,” she said.

The company will expand its presence in Alabang with a vertical condominium development, in Cavite and Bulacan with residential lots, and in Cagayan De Oro with a horizontal subdivision development this year.

“Alveo will continue to strengthen its presence in major growth centers and in Ayala Land estates. We are expanding our footprint across the nation as we venture into new territories, and launch more compelling formats capitalizing on the synergies within the Ayala group,” she added.

Tupaz noted the fast take-up rate of their projects right after launching. She said Alveo will move to launch another development once a project has sold 75 percent to 80 percent of its units. Alveo’s average price per unit stands at P10 million.

Alveo is the upscale brand of the Ayala property group, which also includes Ayala Land Premier which caters to the luxury market, Avida Land Corp. which serves the mid-market segment, and Amaia Land Corp. which provides economic housing.